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Namibian Copper Nears Copper Resource Upgrade At Ongombo

Namibian Copper (ASX: NCO) expects to deliver an upgraded Resource for its Ongombo Project in Namibia within the next few weeks after having received all the analytical results from the sampling program undertaken on the historical drillcore.

A total of 30 historical boreholes at Ongombo were re-logged and re-sampled, and a substantial upgrade in both the size and status of the Resource is expected.

Best intercepts include 3.93 metres at 1.5% copper, 6.5 grams per tonne (g/t) silver and 0.3g/t gold from 261 metres; 4.98 metres at 1.6% copper, 8.2g/t silver and 0.4g/t gold from 304.78 metres; 5.5 metres at 1.6% copper, 8.3g/t silver and 0.4g/t gold from 329.56 metres; and 5.04 metres at 1.7% copper, 11g/t silver and 0.3g/t gold from 399.76 metres.

Namibian Copper has now commissioned Coffey Mining in Johannesburg to remodel all the Ongombo data, including the new data, to provide a Resource upgrade.

An upgrade in both the size and status of the Resource is anticipated because the recent logging and sampling program provides new additional data from 16 historical boreholes that was not previously incorporated into the geology model.

Highly prospective geology

The Ongombo project currently hosts a JORC Resource of 7.25 million tonnes at 1.7% copper and 8g/t silver for 123,250 tonnes of contained copper and over 1.8 million ounces of contained silver, of which 2.53 million tonnes is in the higher confidence Indicated category.

The gossanous magnetite quartzite outcrops for sporadic intervals over a strike length of 4.7 kilometres.

Historical exploration includes more than 132 diamond drill holes and resulted in the definition of four individual ore shoots.

Mineralisation at Ongombo is hosted by amphibolites and associated magnetite-quartzites of the Matchless belt, which extends for 400 kilometres.

The belt is host to several volcanogenic-exhalative, stratiform and strata-bound cupriferous pyrite deposits containing subordinate and variable amounts of zinc, lead, silver and gold.

One of the main characteristics of all the deposits on the Matchless Belt is that they have mineralisation developed in shoots of very substantial length.

The neighbouring Otjihase mine has Resources defined over at least a 9 kilometre shoot length and the deposit may extend further.

The Matchless deposit to the southwest has shoots of several kilometres in length.

Evaluation of the geology and Resources at Ongombo suggest that this same characteristic is present at Ongombo.

The average grade of the 10 most important deposits in the Matchless Belt is 2.3% copper, with a range of 1.3% to 3.9% copper.

A total of 18 individual ore bodies have been identified including the Gorob, Matchless, Otjihase, Ongeama and Ongombo deposits.

Exploration target

Namibian Copper has previously outlined an exploration target of 17 to 23 million tonnes at 1.6% to 1.8% copper.

Providing exploration upside, the mineralisation is open down dip and along strike.

Known ore shoots widen at depth and have a strengthening grade, while possible parallel ore bodies exist down-dip.

Resource upgrade

Earlier this year the initial Resource at Ongombo was reclassified following a surface survey of the borehole collars.

Part of the Resource was upgraded to the higher confidence Indicated category.

Based on a 1% copper cut-off, the reclassified JORC Resource now includes an Indicated Resource of 4.72 million tonnes at 1.6% copper and 8g/t silver and an Inferred Resource of 2.53 million tonnes at 1.76% copper and 8g/t silver.

Strategic location

The Ongombo Project is situated in central Namibia, 22 kilometres northeast of the Otjihase copper mine.

It is located near to existing infrastructure including a rail connection to the Tsumeb smelter, recently refurbished by new owners Dundee Precious Metals, and the Walvis port.

Importantly, Namibia is a stable, mining-friendly jurisdiction where mining accounts for about 20% of the country's gross domestic product.

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